Instead, they advertise the electronic transfer of remittances -- las remesas -- the money earned by Salvadoran men and women in the United States and sent back in allotments of maybe $200 or $300 a month.
For those who don't receive remittances from relatives abroad, electronic gadgets will remain unaffordable.
The Dodd-Frank financial reform act expanded the scope of electronic funds transfer laws to cover remittances and required the bureau to impose new protections.
More importantly, over 90% of remittances are now sent by electronic wire-transfer, according to the Bank of Mexico, compared with only half in 1995.
According to the complaint, Purple Leaf's 311 Patent generally relates to methods and system for an electronic transaction based on a receipt having payment remittance information.
The second is more of a business and legal issue: financial regulators looking to reduce money laundering and funding for illicit activities like terrorism are increasingly cracking down on remittance services that cannot provide a clear enough electronic track of how money has moved.
"Remittances" is what economists call these person-to-family transfers, whisked home by electronic banking services or hand-delivered by couriers.
High volumes of cash and electronic funds flow both to and from Afghanistan and Pakistan, the vast majority of which is derived from legitimate trade and remittances.
How effective are remittances?
